Current Affairs - Business - Discussion

Larsen & Toubro (L&T) plans to bid for an Engineering, Procurement and Construction (EPC) contract for a section of the $200 billion solar projects in Saudi Arabia to be built with the backing of Japan's SoftBank. Earlier this year, Saudi Arabia's Public Investment Fund and SoftBank signed a MoU to invest in building the world's biggest solar power project in Saudi Arabia. This project is expected to have the capacity to produce up to 200 gigawatts (GW) by 2030. The first two solar parks are expected to generate 7.2 GW and construction work is scheduled to begin by next year. On the timeline for bagging the project, there occurred some pressure in the Saudi market so it was reasonable to expect it in 12 months.